Sunbeam Capital Management LLC Boosts Stake in Apple Inc. $AAPL

Sunbeam Capital Management LLC increased its position in shares of Apple Inc. (NASDAQ:AAPL) by 5.3% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 38,259 shares of the iPhone maker’s stock after acquiring an additional 1,938 shares during the period. Apple makes up about 5.6% of Sunbeam Capital Management LLC’s holdings, making the stock its 4th biggest position. Sunbeam Capital Management LLC’s holdings in Apple were worth $9,710,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Isthmus Partners LLC raised its holdings in shares of Apple by 6.4% in the 3rd quarter. Isthmus Partners LLC now owns 97,177 shares of the iPhone maker’s stock valued at $25,000 after acquiring an additional 5,808 shares in the last quarter. Lifetime Wealth Management P.C. bought a new stake in shares of Apple during the 4th quarter valued at about $41,000. ROSS JOHNSON & Associates LLC grew its holdings in shares of Apple by 1,800.0% during the first quarter. ROSS JOHNSON & Associates LLC now owns 190 shares of the iPhone maker’s stock worth $42,000 after purchasing an additional 180 shares in the last quarter. LSV Asset Management purchased a new position in shares of Apple during the fourth quarter worth about $65,000. Finally, Timmons Wealth Management LLC bought a new position in shares of Apple in the fourth quarter worth approximately $69,000. 67.73% of the stock is currently owned by hedge funds and other institutional investors.

Apple Trading Down 6.1%

NASDAQ AAPL opened at $275.15 on Friday. Apple Inc. has a 1-year low of $199.26 and a 1-year high of $317.40. The company has a current ratio of 1.07, a quick ratio of 1.02 and a debt-to-equity ratio of 0.70. The stock has a 50-day moving average of $292.16 and a 200-day moving average of $273.12. The firm has a market cap of $4.04 trillion, a PE ratio of 33.27, a price-to-earnings-growth ratio of 2.55 and a beta of 1.09.

Apple (NASDAQ:AAPL) last posted its quarterly earnings results on Thursday, April 30th. The iPhone maker reported $2.01 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.95 by $0.06. The business had revenue of $111.18 billion for the quarter, compared to analyst estimates of $109.46 billion. Apple had a return on equity of 146.69% and a net margin of 27.15%.Apple’s revenue for the quarter was up 16.6% compared to the same quarter last year. During the same period last year, the company earned $1.65 EPS. As a group, sell-side analysts forecast that Apple Inc. will post 8.74 EPS for the current year.

Apple Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, May 14th. Stockholders of record on Monday, May 11th were paid a dividend of $0.27 per share. This represents a $1.08 dividend on an annualized basis and a dividend yield of 0.4%. This is a boost from Apple’s previous quarterly dividend of $0.26. The ex-dividend date of this dividend was Monday, May 11th. Apple’s payout ratio is currently 13.06%.

Apple News Summary

Here are the key news stories impacting Apple this week:

• Positive Sentiment: Some analysts say the price hikes could help Apple protect margins by passing through rising component costs, and long-term bulls still view the company as financially strong. Article Title
• Neutral Sentiment: Apple’s AI strategy remains a work in progress, with some coverage saying the company’s AI upgrade likely will not be a major near-term catalyst for the stock. Article Title
• Negative Sentiment: Apple’s decision to raise Mac and iPad prices has sparked concern about weaker demand and “demand friction,” especially if consumers push back on higher-priced devices. Article Title
• Negative Sentiment: Broader market weakness and a tech selloff added pressure, with Apple leading the downside among major technology names. Article Title

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on AAPL shares. Stifel Nicolaus set a $330.00 target price on shares of Apple in a research report on Monday, March 2nd. Monness Crespi & Hardt increased their price target on shares of Apple from $315.00 to $335.00 and gave the stock a “buy” rating in a report on Friday, May 1st. Bank of America restated a “buy” rating and set a $380.00 price objective on shares of Apple in a research report on Thursday, June 18th. BNP Paribas Exane raised shares of Apple from a “neutral” rating to an “outperform” rating and set a $300.00 price objective for the company in a report on Friday, April 17th. Finally, Evercore reiterated an “outperform” rating on shares of Apple in a research report on Monday, June 8th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-two have given a Buy rating, eleven have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $314.85.

Insider Activity

In other news, SVP Deirdre O’brien sold 30,002 shares of the firm’s stock in a transaction that occurred on Thursday, April 2nd. The shares were sold at an average price of $255.35, for a total value of $7,661,010.70. Following the transaction, the senior vice president owned 136,810 shares in the company, valued at approximately $34,934,433.50. This trade represents a 17.99% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Ben Borders sold 1,274 shares of Apple stock in a transaction on Friday, May 8th. The stock was sold at an average price of $290.00, for a total transaction of $369,460.00. Following the completion of the transaction, the insider directly owned 38,713 shares in the company, valued at approximately $11,226,770. The trade was a 3.19% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 97,875 shares of company stock worth $24,998,541 over the last ninety days. Company insiders own 0.06% of the company’s stock.

About Apple

Apple Inc (NASDAQ: AAPL) is a multinational technology company headquartered in Cupertino, California, founded in 1976 by Steve Jobs, Steve Wozniak and Ronald Wayne. The company designs, develops and sells consumer electronics, software and services. Over its history Apple has evolved from personal computers to a broad portfolio that spans mobile devices, wearables, home entertainment and digital services.

Apple’s principal hardware products include the iPhone smartphone, iPad tablet, Mac personal computers, Apple Watch wearable devices and a range of accessories such as AirPods and HomePod.